Revolut Taps Kids with New Money Management App

Wednesday, 18/03/2020 | 07:37 GMT by Arnab Shome
  • The feature will be available to UK Premium and Revolut Metal customers.
Revolut Taps Kids with New Money Management App
FM

Revolut, a digital banking platform, has launched a new product targeting the young between 7 and 17 years of age to help them learn money management.

Dubbed Revolut Junior, the kid-specific app will directly connect with the primary Revolut app of the parent.

Parents who are already Revolut users need to grant permission on their main Revolut platform for their child's access to the junior-version, who then need to download and use the Revolut Junoir platform.

The parent also can manage their kid's spendings by sending them money directly on the application and can also track the transactions on Revolut Junior directly from their primary platform.

The UK-based company will also issue the junior customers a Visa card to ease their spendings, the balance of which can be tracked on the app.

Initially, Revolut Junior will only be available to UK Premium and Revolut Metal customers. However, the company has plans to roll-out the new service to more users and countries.

The future services might enable the parents to set a regular allowance and financial goals for the kids, along with other options like savings, spending reports, and spending limits.

Challenging the traditional financial institutions

Launched in 2015, the London-headquartered company is challenging financial giants by offering simplified mobile app-based money management tools and also undercutting the traditional establishments on pricing in transferring funds and other services.

With a valuation of $5.5 billion, Revolut is now the UK's most valued Fintech company. Last month, the startup closed its Series D funding round, raising $500 million.

The Unicorn is also optimistic about its new services as it already has a user base of 10 million. With a presence in the UK, Europe, Singapore, and Australia, the company is also aiming to push into new markets.

Revolut, a digital banking platform, has launched a new product targeting the young between 7 and 17 years of age to help them learn money management.

Dubbed Revolut Junior, the kid-specific app will directly connect with the primary Revolut app of the parent.

Parents who are already Revolut users need to grant permission on their main Revolut platform for their child's access to the junior-version, who then need to download and use the Revolut Junoir platform.

The parent also can manage their kid's spendings by sending them money directly on the application and can also track the transactions on Revolut Junior directly from their primary platform.

The UK-based company will also issue the junior customers a Visa card to ease their spendings, the balance of which can be tracked on the app.

Initially, Revolut Junior will only be available to UK Premium and Revolut Metal customers. However, the company has plans to roll-out the new service to more users and countries.

The future services might enable the parents to set a regular allowance and financial goals for the kids, along with other options like savings, spending reports, and spending limits.

Challenging the traditional financial institutions

Launched in 2015, the London-headquartered company is challenging financial giants by offering simplified mobile app-based money management tools and also undercutting the traditional establishments on pricing in transferring funds and other services.

With a valuation of $5.5 billion, Revolut is now the UK's most valued Fintech company. Last month, the startup closed its Series D funding round, raising $500 million.

The Unicorn is also optimistic about its new services as it already has a user base of 10 million. With a presence in the UK, Europe, Singapore, and Australia, the company is also aiming to push into new markets.

About the Author: Arnab Shome
Arnab Shome
  • 6566 Articles
  • 91 Followers
About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6566 Articles
  • 91 Followers

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